Here are 8 good reasons to change/alter/revise your existing estate plan.
1) Death of someone who is mentioned as beneficiary in your estate plan
2) Divorce can cause major changes to your life, as well as to your future plans. Be mindful of checking your beneficiary designations; property titles; insurance documents and pension plans prior to a divorce or separation.
3) Remarriage, like divorce, causes significant changes, particularly in cases of ‘blended’ families. Be mindful of what your new spouse brings to the relationship, since they also may have an estate plan in place.
4) Illness/Injury can cause disruption to your life. A permanent disability or long term illness is an opportunity to review your estate plan to make sure your new circumstances are adopted in the document.
5) Financial changes, particularly bankruptcy, retirement, and starting or ending a small business are reasons to review your estate planning documents.
6) Major Acquisitions and inheritance (with you as beneficiary) will need to be addressed in your estate plan, as well as within your financial planning.
7) Relocation can be a trigger for a review of your estate plan. Different states/countries have different rules about inheritance and taxation.
8) Births and adoptions need to be addressed within your estate plan.
As I have mentioned previously, an estate plan can never be in ‘set it and forget it’ mode.
Changes in life happen, and those changes have to be considered within your plan documents.
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